6 Best Multifamily Insurance Companies

Buying a multifamily property requires a large investment, usually reaching millions of dollars for a single deal. Furthermore, renting out to multiple tenants entails an increased level of risk. This means that investors who opt for this strategy need to find a solid and reliable insurance provider to protect both their property from damage and themselves from liability.

In this article, we will rank the 6 best multifamily insurance companies for the needs of various landlords in the US market. We’ll look at the coverage provided by each company and the fees charged by it. We’ll consider whether an insurer operates nationwide and whether they work with different types of multifamily rentals. We’ll review what existing customers think about each company. Last but not least, we will take into account how easy it is to get started with them.

The 6 best multifamily insurance companies are:

• Obie: Best Overall Multifamily Insurance Company
• Steadily: Best Insurance Company for Different Types of Multifamily Properties
• USAA: Best Insurance Company for Small Multifamily Homes
• Acentria Insurance: Best Insurance Company for Apartment Buildings
• CBIZ: Best Multifamily Insurance Company for Short-Term Rental Rentals
• Travelers: Best Multifamily Insurance Company for Lost Rental Income

How We Ranked the Top Multifamily Insurance Companies

When choosing the best multifamily insurance companies, we used a number of different factors in order to provide comprehensive and objective evaluation.

We ranked the top multifamily insurance companies based on the following criteria:

• Risk coverage: We looked for insurance companies with full coverage that protects both the property with its furnishings, appliances, and outside structures and the real estate investor.
• Market coverage: We chose insurers that operate across the nation so that landlords from all states and cities can use their services.
• Property type coverage: We searched for companies that insure different types of multifamily homes, both small and big.
• History and financial stability: We focused on companies that have been around for a while and have a solid history of fulfilling claims.
• Reputation: We selected insurance companies that have built themselves a name in the property insurance industry.
• Getting started process: We identified companies that make it easy to get a quote and to get started, whether this is the first time you insure a multifamily rental property or you’re switching from another insurance company.
• Claim process: We ranked companies that don’t make landlords go over unnecessary hurdles when filing claims.
• Online customer reviews: We checked out online reviews by existing and previous customers on third-party websites to make sure that the best multifamily insurance companies deliver on their promises when needed.
• Cost: We looked for companies with customizable pricing options to reflect the exact coverage included in each policy in order to make sure that investors don’t pay more than what they are covered for.
• Value for money: At the end, we chose the insurance companies that offer the best value for money for multifamily property owners, with the most efficient balance between coverage and cost.

Obie: Best Overall Multifamily Insurance Company

Obie is an insurance brokerage that focuses on the needs of real estate investors and their rental properties including multifamily homes and buildings. The company was founded in 2017, with headquarters in Chicago, IL, and has already insured over $4 billion in property. Obie uses the latest technology to provide comprehensive coverage at the best possible rates, which makes it the best overall insurance provider for multifamily properties.

Obie Multifamily Insurance Cost

The price of Obie multifamily home insurance depends on several factors. These include the market, the property type, the use (short-term rental vs long-term rental), the building materials of the property, the insurance coverage, and the generated rental income. As a brokerage with a wide network of insurers, Obie is able to source the best price on the market. On average, real estate investors who use Obie are able to save 25% on their insurance cost.

Obie Multifamily Insurance Coverage

Obie offers comprehensive coverage to small multifamily homes (duplexes, triplexes, and quadplexes) as well as entire apartment buildings (with 5+ housing units) that are rented out on a short-term or long-term basis. Unlike other insurance companies, Obie focuses on protecting investment properties in specific.

Obie insurance coverage is available in all 50 states.

The coverage that the Obie multifamily insurance provides includes:

• Property structure damage
• Liability
• Lost rental income

Obie Multifamily Insurance Pros and Cons

The multifamily insurance offered by Obie features some advantages and disadvantages that landlords and Airbnb hosts need to consider before getting started.

The main pros of choosing Obie over other multifamily insurance providers are:

• Full rental business coverage: Because it was created as a rental property insurance company, Obie covers all the needs of investment properties and their owners.
• Coverage for different types of multifamily properties: Obie works both with small and large multi-unit real estate properties.
• National coverage: The Obie multifamily insurance operates across the US, including all the best cities to buy a rental property.
• Focus on technology: Unlike other traditional insurance companies, Obie deploys the power of technology to provide the best services to property investors.
• Competitive pricing: As an insurance brokerage, Obie has access to multiple options in order to choose the best coverage at the lowest cost possible for every landlord.

Some cons of Obie to take into account include:

• Lack of detailed information: Obie does not offer full details online on the coverage under each item in its insurance policies.
• No pricing range: The Obie website does not provide an estimate of the expected cost of multifamily property insurance. However, investors can get a quote within a few minutes of submitting an online form.

Obie Multifamily Insurance Reviews

There are over 100 online reviews of Obie, revealing a strong overall rating.

You can find Obie reviews on:

• Google: Currently 4.8/5 stars based on 171 reviews

Positive reviews by property owners focus on the excellent policies, the professional team of experts, the outstanding quality of service, the easy switch from other insurance providers, and the smooth communication processes. Negative reviews discuss delayed quotes, large insurance premiums, and claim declines.

How to Get Obie Multifamily Insurance

To get started with the best overall multifamily insurance company, real estate investors can fill in an online form to get an instant quote.

Steadily: Best Insurance Company for Different Types of Multifamily Properties

Steadily specializes in the provision of landlord insurance to various property types including multifamily buildings. Steadily was founded in 2020, with headquarters in Austin, TX, which makes it the newest provider on our list of the best multifamily insurance companies for investors. Steadily works with both small multifamily homes and large apartment buildings as well as a wide range of other property types.

Steadily Multifamily Insurance Cost

Steadily does not provide straightforward information on the cost of insurance which multifamily property owners should expect to need to pay with them. They mention that landlord insurance is about 25% more expensive than homeowners insurance due to the increased rate of claims and the higher risk with rental properties. Moreover, landlord insurance usually has a higher coverage level to protect real estate investors from lawsuits and legal fees.

While there is no guarantee, owners might be able to get a discount on their premium by having properly installed and working safety devices and by bundling multiple properties with the same company.

Steadily Multifamily Insurance Coverage

In terms of multifamily coverage, Steadily insures multifamily homes (up to 4 units) and apartment buildings in addition to condo units. While the company focuses on landlord insurance for long-term rentals, they also work with vacant, under restoration and vacation rental properties.

Although it’s still a new and relatively small company, Steadily covers multifamily rental properties throughout the US market, in all 50 states.

Steadily allows investors to choose the set of coverages included in their insurance policy depending on their needs and budget. The risks covered by the company are:

• Fire
• Water
• Windstorm, hail, and lightning
• Lawsuits
• Riot and civil commotion
• Vandalism and theft
• Injury
• Bonus coverages such as explosions, volcanic eruptions, and damage caused by vehicles

Steadily Multifamily Insurance Pros and Cons

Similar to all other best multifamily insurance companies, Steadily provides both benefits and drawbacks.

The most significant pros of the Steadily multifamily insurance are:

• Availability for different multifamily properties: Steadily can insure both small and large multifamily buildings.
• Customizable coverage packages: Real estate investors can choose from a wide range of risks to include in - or exclude from - their landlord insurance policy.
• Nationwide availability: Steadily works across the country.
• Single property or entire property: The company can help both those who own a single multifamily rental property and those who have an entire portfolio of investment homes.
• Both rental strategies: While the landlord insurance is designed for long-term rentals, it can serve the needs of short-term rental properties too.

The main cons of insuring your property with Steadily include:

• New, small company: Steadily has been around for 3 years, so there isn’t much information on its historic performance.
• Limited online coverage information: The company website does not specify the exact coverage for each risk.
• No mention of lost rental income coverage: While Steadily covers many different risks, it doesn’t explicitly talk about the loss of rental income.
• No clear pricing: The Steadily website does not give an estimate of the insurance cost unless landlords request a quote.

Steadily Multifamily Insurance Reviews

There are nearly 1,000 online reviews of Steadily, which is impressive for such a new company.

You can find Steadily reviews on:

• Trustpilot: Currently 4.7/5 stars based on 821 reviews
• Google: Currently 4.3/5 stars based on 44 reviews

Happy customers praise the quick quotes, the easy onboarding, the tailor-made coverages, the affordable rates, the knowledgeable and professional team members, the excellent communication process, and the extraordinary customer support team. Unhappy property owners complain about poor property inspections, unexpected cancellations, delay in refunds in case of cancellation, and lack of communication.

How to Get Steadily Multifamily Insurance

To get started with the best insurance company for different types of multifamily properties, owners can submit an online form on the Steadily website or call 888-966-1611 to request a quote.

USAA: Best Insurance Company for Small Multifamily Homes

USAA is a large company with a long history, providing a wide range of financial services including various property insurances. The company was founded in 1922, with headquarters in San Antonio, TX, with the aim to serve the financial needs of the military community but has expanded since then to work with all types of clients. They offer one of the best insurances for small multifamily properties, between 2 and 4 units.

USAA Multifamily Insurance Cost

The USAA website does not provide a range of prices for the landlord insurance for multifamily investment properties. However, same-day quotes are available for interested investors. In general, the cost depends on the location, the property age, the building materials, and the number of rental units. What makes USAA one of the best landlord insurance companies is that their rental property insurance premiums are usually lower than their homeowners insurance premiums.

Moreover, the company offers a lot of discount options:

• Savings on the premium when bundling rental property insurance and auto insurance
• Up to 15% discount after 5 years of no claims
• Up to 5% discount with a monitored fire alarm or security system
• 25% discount on TransUnion’s SmartMove tenant screening service
• 20% discount on Angi handymen and cleaning services

USAA Multifamily Insurance Coverage

The USAA landlord insurance protects duplexes, triplexes, and quadruplexes, while commercial insurance is needed for apartment complexes. In terms of market coverage, the USAA multifamily insurance is available in all 50 states plus DC.

USAA covers the following:

• Accidental damage by tenant
• Most weather-related damage
• Fire
• Accidental water damage
• Vandalism
• Lost rental income
• Personal liability including legal fees
• Short-term rental insurance through home sharing coverage
• Flood insurance
• Umbrella insurance

USAA Multifamily Insurance Pros and Cons

Before choosing the best multifamily insurance for their specific needs, real estate investors need to take into consideration the advantages and disadvantages of each option.

The pros of the USAA multifamily property insurance company include:

• All-in-one coverage: USAA protects against all risks associated with running a rental property business.
• Full market coverage: Multifamily real estate properties in any US market can be covered.
• Affordable pricing: The USAA landlord insurance costs less than the homeowners insurance.
• Multiple discounts: Rental property investors can qualify for a number of discounts to save on their insurance premium and other expenses.

The major cons of USAA include:

• No coverage for large multifamily properties: The landlord insurance does not cover apartment buildings, which can be eligible for commercial/small business insurance.
• No coverage for vacant properties: USAA does not insure homes that stay vacant for extended periods of time.
• Unclear cost: The USAA company website does not estimate the price of the landlord insurance for small multifamily homes.

USAA Multifamily Insurance Reviews

There are thousands of online reviews of USAA which show mixed experiences.

You can find USAA reviews on:

• Clearsurance: Currently 4.72/5 stars based on 6,421 reviews
• Trustpilot: Currently 1.3/5 stars based on 2,023 reviews
• BBB.org: Currently 1.14/5 stars based on 1,172 reviews
• ConsumerAffairs: Currently 4.0/5 stars based on 644 reviews

Satisfied USAA customers highlight the smooth processes, the stress-free experiences, the comprehensive coverage, the intuitive mobile app, the professional representatives, and the availability of the customer service team. Dissatisfied customers mention not honoring coverages, misinformation, unreasonable rate increases, horrible service, and rude customer support.

How to Get USAA Multifamily Insurance

To get started with the best insurance company for small multifamily homes, rental property owners can submit an online form on the USAA website or call 210-531-8722 to get a quote.

Acentria Insurance: Best Insurance Company for Apartment Buildings

Acentria Insurance is a major insurance company specializing in different types of coverages, focusing on the values of integrity, innovation, and dedication. The company was founded in 2010, with headquarters in Destin, FL. While Acentria can underwrite policies in all US states, it focuses on the Southeast, where it is located. Among other types of multifamily properties, the company insures entire apartment buildings too.

Acentria Multifamily Insurance Cost

Acentria does not specify the price of its apartment and multifamily insurance. The company does not explain the factors that affect the cost. We expect that the type of property, activity and the history of the landlord will all have major impacts on the insurance costs.

Acentria Multifamily Insurance Coverage

The Acentria apartment and multifamily insurance falls under the business insurance category. It works with any property that houses more than one family, including small multifamily homes but also entire apartment complexes.

Acentria Insurance mostly serves the needs of clients in the Southeast, including Florida, North Carolina, South Carolina, Louisiana, Mississippi, and Alabama. However, they have the capacity to underwrite policies in all US states.

The business property insurance portfolio offered by Acentria includes:

• Property
• General liability including common areas
• Automobile and garage keepers
• Umbrella and excess liability
• Natural disasters like earthquakes and floods
• Sewer back-up
• Property manager professional liability
• Worker compensation
• Vandalism and theft by riots

Acentria Multifamily Insurance Pros and Cons

The Acentria multifamily insurance has certain benefits and drawbacks, like all other insurance providers.

The pros of working with Acentria for multifamily insurance include:

• Extensive coverage: As a business insurance, the Acentria apartment and multifamily insurance covers many of the needs of real estate investors and their properties.
• Apartment building coverage: Unlike some other best multifamily insurance companies, Acentria insures entire apartment complexes as well as smaller homes.
• Regional focus: This is one of the best options for rental property investors in Florida and the rest of the Southeast as it is able to meet local specificities and requirements.

The cons of working with Acentria for multifamily insurance include:

• No detailed coverage information: Acentria does not provide details on the exact limits under each risk.
• Lack of rental income loss mentioned: It is not clear if the multifamily insurance protects against lost rental income.
• Poor national coverage: While Acentria can underwrite insurance policies in all 50 states, it is not a nationwide expert.
• No pricing information: The Acentria website does not offer estimates of the cost of multifamily insurance.

Acentria Multifamily Insurance Reviews

There are only a few online reviews of Acentria Insurance which is unusual for a company of this caliber.

You can find Acentria reviews on:

• Birdeye: Currently 2.8/5 stars based on 5 reviews
• Google: Currently 3.3/5 stars based on 4 reviews

The few positive reviews highlight the more comprehensive coverage than any other insurance company offers and the professional, responsive team members. The negative reviews mention the inability to contact customer service.

How to Get Acentria Multifamily Insurance

To get started with the best insurance company for apartment buildings, real estate investors can fill in an online form on the Acentria Insurance website or call 866-374-5084 to request a quote.

CBIZ: Best Multifamily Insurance Company for Short-Term Rentals

CBIZ Vacation Rental Insurance focuses on the provision of insurance for Airbnb rental properties including small multifamily homes. CBIZ Vacation Rental insurance was founded in 1996, with headquarters in Kansas City, MO, as a division of CBIZ Insurance Services, Inc. CBIZ was established as the first insurance broker to serve short-term rental property owners and is currently the largest US company in the industry.

CBIZ Multifamily Insurance Cost

CBIZ Vacation Rental Insurance does not offer a pricing structure or cost calculator on its website. The company explains that the cost of multifamily insurance depends on a lot of factors including the market, the property, the amenities, the included Airbnb experiences, the safety inspection results, and the available safety equipment. Generally, the price will be higher than the cost of homeowners insurance for an equivalent property because of the increased risk and coverage.

CBIZ Multifamily Insurance Coverage

CBIZ provides comprehensive coverage to small multifamily properties listed on Airbnb or Vrbo. CBIZ Vacation Rental Insurance works with properties having up to 4 units, so it’s a good choice for small multifamily homes rented out on a short-term basis. In terms of market coverage, CBIZ operates in all 50 US states.

The risk coverage includes:

Property

• Replacement cost coverage for the building and its contents
• Property damage caused by guests
• Backup of sewer and drains
• Additional structures

Commercial general liability

• $2 million general aggregate
• $1 million per occurrence
• $1 million for personal injury
• $5,000 for medical payments
• Legal fees related to the property owner’s defense
• Property managers coverage at no cost

Amenities

• Swimming pool and hot tub
• Dock
• Non-motorized watercraft
• Exercise equipment
• Bicycles

Business income

• Loss of rental income
• Loss of use and extra expense coverage

Bed bug cleanup and removal

• $17,500 with no deductible

CBIZ Multifamily Insurance Pros and Cons

Like all other best multifamily insurance companies, our CBIZ Vacation Rental Insurance review shows that it has its own advantages and disadvantages.

The main pros of getting insurance from CBIZ include:

• Comprehensive coverage: The CBIZ multifamily insurance protects all aspects of renting out a small multifamily property on a short-term basis.
• Nationwide reach: CBIZ insures homes in all 50 states.
• Long-term rental coverage: Although CBIZ focuses on vacation rentals, they also insure long-term rental properties as well as second homes and vacant properties.

The most significant cons of the CBIZ multifamily insurance are:

• No coverage of large multifamily properties: CBIZ works with rental properties of up to 4 housing units.
• Unclear cost: The company website does not give an estimate of the expected insurance price. Property owners need to contact CBIZ to get a quote.
• No online reviews: There are no online reviews of CBIZ which is rather unusual.

CBIZ Multifamily Insurance Reviews

There are no online reviews by customers of CBIZ Vacation Rental Insurance. All reviews on third-party websites are written by employees.

How to Get CBIZ Multifamily Insurance

To get started with the best multifamily insurance company for short-term rentals, property owners can fill in an online form on the CBIZ Vacation Rental Insurance website or call 855-945-5221 to get a quote.

Travelers: Best Multifamily Insurance for Lost Rental Income

Travelers is one of the oldest insurance companies in the US market, which also operates internationally, in Canada, the UK, and Ireland. The company was founded in 1853, with headquarters in New York, NY. Throughout its history, Travelers has gained a reputation as one of the leading property casualty insurers. The company generally works with small multifamily properties and covers lost rental income among other risks associated with running a rental business.

Travelers Multifamily Insurance Cost

The price of the landlord insurance provided by Travelers is not available on the company website. The company explains that the cost depends on the market, the property type and size, the amount of rental activity, and the selected coverages and deductibles. Having smart home security devices and tools installed and working may result in discounts for the policy premium.

Travelers Multifamily Insurance Coverage

The Travelers landlord insurance protects multifamily properties with up to 4 rental units, including apartments, condos, and others. The insurance is available across the US market.

The Travelers multifamily insurance covers:

• Property damage
• Other structures such as a garage or a shed
• Landlord’s personal property in the rental units like furnishings and appliances
• Bodily injury
• Medical payments
• Loss of use coverage at fair rental value

Travelers Multifamily Insurance Pros and Cons

There are some benefits and drawbacks available with the Travelers landlord insurance which investors need to take into account before deciding whether to opt in for their services.

The most important pros of Travelers are:

• Full coverage: Travelers covers everything expected from the best multifamily insurance company including property damage, liability, medical expenses, and lost rental income.
• Stable company with long history: As one of the oldest US insurance companies, Travelers has proven its trustworthiness.
• Nationwide coverage: Investors from across the US market can insure their multifamily properties with this company.

The main cons of the Travelers multifamily property insurance include:

• No coverage of large multifamily buildings: Travelers only works with properties of up to 4 housing units.
• Lack of clarity on the cost range: The Travelers website does not offer an estimated multifamily insurance price.

Travelers Multifamily Insurance Reviews

There are a few thousand online reviews of Travelers that show varying experiences.

You can find Travelers reviews on:

• Clearsurance: Currently 4.08/5 stars based on 1,730 reviews
• ConsumerAffairs: Currently 3.4/5 stars based on 779 reviews
• BBB.org: Currently 1.03/5 stars based on 148 reviews
• Trustpilot: Currently 2.4/5 stars based on 13 reviews

Happy property owners praise the affordable cost, the clear policy explanations, the easy, stress-free claim processes, the top-notch customer service, and the friendly customer support team. Unhappy customers focus on unexpected premium increases, unpleasant claim processes, and rude customer service.

How to Get Travelers Multifamily Insurance

To get started with the best multifamily insurance company for lost rental income, rental property investors can find an agent on the Travelers website or call 888-519-3772 to get a quote.

Takeaway

If you invest in multifamily rental properties, you have to put extra diligence into choosing the top insurance company and policy. This will help you protect both your property and belongings as well as yourself from liability. Our review shows that Obie is the best multifamily insurance company in the US, working with both short-term and long-term rentals. USAA is a good option for owners of small multifamily homes, while Acentria is ideal for investors with apartment buildings. CBIZ can be the right choice for those focusing on vacation rentals.